Puncture: v. to pierce with a pointed object; to make useless or ineffective by piercing or deflating
Prosperity: n. the condition of being successful or thriving ; especially : economic well-being
It’s official. We’re in a recession. AND have been since December 2007.
A YEAR AGO.
No wonder we were so pissed off when McCain’s advisor Phil Gramm called us “a nation of whiners.” We knew we were hurting, but the Bush administration didn’t want to admit how bad it was in an election year. I hate it when rich old white guys look down their long noses at the suffering of the little people or pretend nothing’s wrong.
According to the NY Times today:
The evidence of a recession has been widespread for months: slower production, stagnant wages and hundreds of thousands of lost jobs.But the National Bureau of Economic Research, charged with making the call for the history books, waited until now to make it official…
the country entered a recession exactly one year ago, at least according to the members of the Business Cycle Dating Committee, made up of seven prominent economists, most from the academic sector. The group made their official announcement on Monday that the economy entered a recession in December 2007.
“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators,” the members said in a statement. “A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough.”
The committee noted that the contraction in the labor market began in the first month of 2008 and said that the declines in most major indicators, like personal income, manufacturing activity, retail sales, and industrial production, “met the standard for a recession.”
I wonder when it becomes a depression?
We’ll have to find ways of coping. For now, I’m lucky to have a roof over my head, even if it was a leaky one. The roof guy came out to fix it this morning and gave me a significant discount for paying him in cash. “We’re both hurting,” he said.